Jamie Dimon Sends In Jpmorgan's Golden Boy To Fix Trading Problems

[katharnak]

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Matt Zames, the golden boy at[url="http://www.forbes.com/companies/jpmorgan-chase/"]JPMorgan Chase[/url] who is considered to be a leading candidate to one day take over from [url="http://www.forbes.com/profile/jamie-dimon/"]Jamie Dimon[/url] as head of the nation’s biggest bank, has been tapped to help clean up the mess that produced $2 billion of trading losses in six weeks.[/size][/font][/color][color=#000000][font=Georgia,][size=5]
Zames will take over as JPMorgan’s chief investment officer, replacing Ina Drew, who is retiring from the bank after overseeing the banking unit responsible for the trading losses. Zames will also be joining the bank’s important operating committee.[/size][/font][/color][color=#000000][font=Georgia,][size=5]
Now in his early 40s, Zames knows all about the consequences of disastrous trading, having spent an early part of his career at Long Term Capital[url="http://www.forbes.com/management/"]Management[/url], which collapsed in the first big hedge fund blowup in the late 1990s.[/size][/font][/color][color=#000000][font=Georgia,][size=5]

“Matt Zames is a world-class risk manager and executive — highly regarded for his judgment and integrity,” Dimon said in a statementZames emerged unscathed and has built an excellent reputation on [url="http://www.forbes.com/wall-street/"]Wall Street[/url], working at Credit Suisse and [url="http://www.forbes.com/companies/morgan-stanley/"]Morgan Stanley[/url] before landing at JPMorgan. Zames was most recently co-head of global fixed income in the investment bank and head of capital markets within the mortgage bank. He joined JPMorgan in 2004 as head of U.S. rates and immediately impressed the bank’s top leadership.[/size][/font][/color][color=#000000][font=Georgia,][size=5]
Zames is not the only potential Dimon successor who will try to help put out the trading fire. Mike Cavanagh, the head of the bank’s treasury & securities services, will lead a “dedicated team of senior executives from across our company to oversee and coordinate our firm-wide response to the recent losses,” the bank said in a statement.[/size][/font][/color][color=#000000][font=Georgia,][size=5]
On a Sunday broadcast of Meet The Press, Dimon said that “in hindsight we took far too much risk” in his first public comments since his bank’s stock tumbled by more than 9% amid the $2 billion of trading losses. The bank’s stock opened about 2% lower in early trading on Monday.[/size][/font][/color][color=#000000][font=Georgia,][size=5]
The trading losses, abruptly disclosed on Thursday afternoon, have brought tremendous uncertainty to JPMorgan and are impacting stock market investors. Dimon has already said the losses associated with the trades could increase by $1 billion in the second quarter. “There is going to be a lot of volatility here,” Dimon said on a hastily convened conference call on Thursday. “It could easily get worse this quarter.” He admitted the trades were “poorly executed” and “poorly monitored.”[/size][/font][/color]

[url="http://www.forbes.com/sites/nathanvardi/2012/05/14/jamie-dimon-sends-in-jpmorgans-golden-boy-to-fix-trading-problems/?utm_source=dlvr.it&utm_medium=twitter"]http://www.forbes.com/sites/nathanvardi/2012/05/14/jamie-dimon-sends-in-jpmorgans-golden-boy-to-fix-trading-problems/?utm_source=dlvr.it&utm_medium=twitter[/url]
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[PMREDDY19]

enti kathi ba.. inatha pani sesaaru

nenu edho dolalr rate prigindani dabbulu ani india ki pampinchanu kaani ..

leka pothey e jpmc vaalu naa $1000 tho kuda edho oka trading sesei .. betting lo pogodithey vammo..




j/kiddin ..
weekend times lo story sadivina.. Federal valu hearing ki pilichi malli hold pettarani vinan ivvala entio oka 100 points padinattundi market..